Good morning. This hearing of the subcommittee on readiness and management will come to order. Subcommittee meets today to receive testimony from undersecretary defense for acquisition and sustainment, ellen lord concerning supply chain integrity fourth apartment of defense in the United States. Since her initial confirmation as the under secretary of defense secretary lord has oversensitive give acquisition reform at the department of defense and i am sure we will talk about some of that today. As the u. S. National armament director she has traveled to see the u. S. Throughout the u. S. And the to see our allies and partners with regards to the development and Manufacturing Activities around the world and unfortunately has seen how reliant the u. S. Defense Industrial Base chain has become particularly as it relates to china. With the rise of china and Great Power Competition and the Global Pandemic the vulnerabilities and gaps in our supply chain particularly as it relates to the Na
Subcommittee meets today to receive testimony from under secretary of defense for acquisition and sustainment, ellen lord, concerning supply chain integrity for the department of defense in the United States. Since our her initial confirman as the undersecretary of defense, secretary lord has overseen significant acquisition reform at the department of defense, and a chill well talk about some of that today. As the u. S. National armaments director she has traveled to see the u. S. , throughout the u. S. And to see our allies and partners with regard to the development and Manufacturing Activities around the world, and, unfortunately, has seen firsthand just how reliant the u. S. Defense Industrial Base chain has become come to class relates to china. With the rise of china and Great Power Competition of the global covid19 pandemic, the vulnerabilities and gaps in our supply chains particularly as relates to National Security have taken on a new urgency. What you think Ranking Member k
Questions, i think, heading into this new month is can big tech stage a big rebound because september was fairly dismal. Apple was down more than 10 alphabet down 10 microsoft down almost 7. Amazon down almost 9 facebook down 10 y do you see all those pull backs represent consolidation. That up trend remains thoroughly undisturbed. I really dont think profit taking and consolidation the month of september end up being meaningful i could be wrong thats the way i would think about it 42 of stocks in the s p five hundred are above their 50 day more than half of the market is not. The consumer stock, Consumer Discretionary looks incredible equal weight retail looks great. Anything that has to do with the consumer looks pretty darn good. The big trends are all in place. Target, new highs. Walmart looks like it wants to break out again. This morning i heard 11 of americans are now already paying for walmart plus they rolled this thing two weeks ago. They have 11 of the country as m paying me
Activity and turmoil going on around us. Many of us are back in washington today. Were holding this committee virtually in compliance with the regulations for Remote Committee proceedings pursuant to House Resolution 965. This authority has allowed us to continue to do our work on behalf of the American People, while keeping our staff, families, and the Broader Community safe. We have all started to become familiar with navigating this technology, i do want to remind members of a few procedures. First, consistent with the regulations, the committee will keep microphones muted to limit background noise. Members are responsible for unmuting themselves when they seek recognition or when recognized for their five minutes. Members and witnesses must have their cameras on at all times. Weve got to keep track of you even if you step away from the proceedings. Please leave your camera on rather than logging out. Finally, as you know, we may have votes during todays hearing. It looks like theyr
House hearing on the lessons being learned from the coronavirus and how its affecting critical supply chains. Live coverage here on cspan3. Community safe, all started to become familiar with navigating this technology, i do want to remind members of a few procedures. First, consistent with the regulations, the committee will keep microphones muted to limit background noise. Members are responsible for unmuting themselves when they seek recognition or when recognized for their five minutes. Members and witnesses must have their cameras on at all times. Weve got to keep track of you even if you step away from the proceedings. Please leave your camera on rather than logging out. Finally as you know, we may have votes during todays hearing. It looks like theyre going to be later. If we do have votes, it would be my intention not to recess. Members should vote when their group is up and come back immediately. If your turn for questioning comes up while youve stepped away, i will get back t